Personal Net Worth Cap
Certified Minority Business Enterprise Firms
The following release dated January 9 was received from the Secretary's Office of the Maryland Department of Transportation.
Increases Effective January 1, 2013 – Annual Adjustment Required by Law
The Maryland Department of Transportation’s Office of Minority Business Enterprise (OMBE) announced that the Personal Net Worth (PNW) cap applied to the Minority Business Enterprise (MBE) Program will increase from $1,577,746 to $1,615,663, effective January 1, 2013.
As required by Maryland law, the State’s MBE Program adjusts its PNW cap annually based on the Consumer Price Index. OMBE, as the official certification agency for the State, is responsible for calculating the annual cap. The PNW cap applies to any disadvantaged owner whose ownership interest in a firm is relied upon for certification in the MBE Program and all MBE certification decisions rendered between January 1, 2013 and December 31, 2013. In addition to the PNW cap, firms must meet eligibility requirements for minority status, ownership, control and size.
The PNW cap in place for the federal Disadvantaged Business Enterprise (DBE) program is not affected. Accordingly, the DBE cap on personal net worth, which became effective on February 28, 2011, remains $1,320,000.
For information about MBE and DBE certification, contact OMBE online or call 410-865-1269.
Read the Media Release (PDF).